Online Auctions
- Created by: adelesimpson
- Created on: 05-05-16 12:30
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- Online Auctions
- Buyers and sellers can be all over the world
- Popular as its much easier and takes less time to find the item or buyer you need
- How They Work
- Seller and bidder create online accounts
- Seller supplies a description and a photograph of an item for auction
- The bidder with the highest bid as a scheduled time wins the item
- The bidder is obliged to but the item they have won in the auction
- The seller and bidder exchange emails to arrange payment and delivery
- Features
- Bidders can search for items they want
- Bidders can see the status of their bids
- Changes can be made before the scheduled end time
- Users of the auction service can rate each other
- Sellers can choose to make an item available for purchase immediately rather than have bidders bid for it
- Secure payment is arranged by the auction site
- Benefits
- The ability to search easily for goods that you want
- A community of users which builds trust by rating both buyers and sellers
- Third party payment options for secure payments
- A large number of sellers competing for business, which drives down prices
- Buyers and sellers can be all over the world
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